Here are the necessary measures to obtain a microfinance institution (MFI) license in Jamaica:
First, choose the form of MFI you'd like to create: Financial institutions such as banks, credit unions, and NGOs all fall under the umbrella term of "microfinance institution" in Jamaica (NGOs). As with any industry, the licensing and oversight of MFIs varies depending on the specific type.
Two bodies in Jamaica, the Bank of Jamaica (BOJ) and the Financial Services Commission, oversee money-market funds (MMFs) (FSC). Capital requirements, governance standards, and reporting requirements can vary widely depending on the type of MFI you intend to launch.
If your application is accepted, the next step is to secure the appropriate permits and licenses to open your MFI. If you want to open a bank, you'll need a banking license; if you want to start a credit union or non-profit, you'll need to register as such.
The first step toward licensing is the passage of the Microcredit Act of 2021, which can be found at the following link: https://boj.org.jm/core-functions/financial-system/microcredit-regulation/

5. The rules and regulations for microcredit, which can be found on the same website, as they will serve as a roadmap for the licensing procedure. Licensing standards will largely mirror those outlined in the law, with the following additions: the applicant must be a registered company; the board of directors must meet all statutory requirements; the applicant must be able to provide financial statements as outlined; officers and substantial shareholders must be fit and proper; and the applicant's wealth and funding must stand up to scrutiny. In most cases, the applicant will need to show that they can comply with the relevant laws, regulations, etc.
   The necessary forms can be downloaded from the BOJ's website using the aforementioned link. The Microcredit Fit and Proper Personal Questionnaire and the Microcredit License Application Form are two such examples. The Bank of Jamaica is located at Nethersole Place, Kingston; please send completed forms and supporting materials to the bank there. On page 10 of the application, you'll find a list of the necessary attachments.
   The webpage itself, including the presentations and other guidance available there, is also helpful and should help with summarizing the requirements. These instructions will help licensees run their businesses smoothly, as well as guide them through the application and licensing procedures.
   The Eighth Step for New Businesses - Also required are a business case, proforma statements, and financial projections for the next three years, along with the assumptions upon which they are based.
   Understanding the regulatory requirements, submitting a business plan and application, and obtaining the necessary approvals and licenses are all essential parts of the overall process of obtaining an MFI license in Jamaica.